Louisiana Series 103 Insurance Practice Exam 2026 – Your Comprehensive Guide to Mastering Life, Health, and Accident Coverage

Browse all practice questions for the Louisiana Series 103 – Life, Health, and Accident or Sickness Insurance Practice Exam. Search by topic, open any question and review its full explanation, then test yourself in the practice quiz.

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How disability income policies cap benefits to match earned income in Louisiana Series 103A disability income policy can prevent an insured from earning a higher income than if he/she were working by utilizing

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An injury that renders the insured incapable of performing one or more important job duties and results in decreased income would qualify for benefits under which disability provision?
Which of the following is NOT a nonforfeiture option?
Which Medicare-related plan is designed to cover costs not paid by Medicare, including excess charges?
When does open enrollment for Medicare Supplement coverage typically begin?
For how many months may a Medicare Supplement policy exclude preexisting conditions?
In group life insurance arrangements, what documents define the coverage for participants?
Which statement about policy loans is true?
An accident and health policy that provides reimbursement benefits makes them payable to the
A renewable Term Life Insurance policy allows the policy owner the right to renew the policy
Which medical specialty is most commonly considered a primary care physician?
In a whole life policy, the amount eligible to be borrowed by the policyowner is called the
The factor used most often when underwriting a disability income policy is
Which ACA metal level is typically the lowest-cost option with essential benefits?
A rollover from a Traditional IRA to another IRA must be done within ___ days to avoid tax consequences
Which method determines the taxable portion of each annuity payment?
What type of injury would NOT be covered under a health insurance policy?
Which life insurance is normally associated with a Payor Benefit rider?
Participation in a group health plan may be denied based on which factor?
A whole life policyowner wants to add coverage for his children. Which rider would accomplish this?
Which settlement option leaves the proceeds with the insurer and pays monthly earnings to the beneficiary?
Which of the following describes when a Renewable Term Life policy can be renewed?
A limited payment whole life policy provides what kind of protection?
A business entity wishing to act as an insurance producer MUST
All ____ policies must be guaranteed renewable.
Within how many days must an insurer furnish forms for filing proof of loss after receiving notice of a claim?
A group Disability Income plan that pays tax-free benefits to covered employees is considered:
Written notice for a health claim must be given to the insurer within how many days after the occurrence of the loss?
Justin is receiving disability income benefits from a group policy paid for by his employer. How are these disability benefits treated for tax purposes?
Continued coverage under COBRA would be provided to all of the following EXCEPT
Which statement best describes the relationship between the premium and the payment period for a whole life policy?
Which organization is commonly used by buyers to assess the financial strength of an insurer?
Which type of life insurance is designed to accumulate a cash value and reserve over time?
Which statement about applying for life or health insurance is true?
Which is not a standard exclusion?
An applicant's character and personal habits can be obtained for underwriting purposes from which source?
Which statement best describes the newborn coverage requirement under a group health policy?
What is the required grace period for a life insurance policy sold in Louisiana?
In a group major medical plan, if the employer pays 75% of the premium and the employee pays 25%, how much would a $10,000 benefit be taxable as income under this plan?
What is an insurance policy's grace period?
Which feature is prohibited in a Medicare Supplement policy?
A company authorized by the Commissioner to transact insurance business in Louisiana is called a(n)
Chris is an insured bricklayer who severed his left hand and cannot perform his primary duties, but he also works as a substitute teacher. He collects a full disability income check monthly. How does his policy define total disability?
Which entity regulates claim settlement practices?
What is the purpose of the Medical Information Bureau (MIB)?
Erica is 35 and owns an IRA. At what age can she begin to receive distributions without a tax penalty?
All of the following are qualifications for establishing a health savings account (HAS) Except
A doctor who accepts Medicare Assignment agrees to which of the following?
A policyowner may change two policy features on what type of life insurance?
Under Louisiana law, group life insurance conversion privileges must NOT require which of the following?
An insurance contract is considered unilateral because which party is the only one legally obligated to perform?
How often must an insurance producer's license in Louisiana be renewed?
Which type of multiple protection policy pays on the death of the last person?
A renewable Term Life policy can be renewed
Which of these retirement plans do NOT qualify for a federal income tax deduction?
A provision that allows a policy owner to withdraw a policy's cash value interest free is a
A producer license is NOT required when
A fixed annuity purchased by Lisa has what typical disadvantage?
Which of the following is an example of a tax-qualified retirement plan?
Proceeds from a life insurance contract for a life-threatening condition are known as what?
Under a non-qualified annuity, interest is taxed after the exclusion ratio has been calculated.
A producer who exaggerates the benefits of a policy to a prospective insured may be guilty of
For underwriting, which source may be used to obtain information about an applicant's character and personal habits?
Which policy has cash values tied to investment performance and carries higher risk?
Within how many days must a Traditional IRA be rolled over to another IRA to avoid tax consequences?
Which type of clause describes the following statement: "We have issued the policy in consideration of the representations in your applications and payment of the first-term premium"?
Which contract allows a policy owner to receive a portion of the death benefit before the insured dies?
The open enrollment period for Medicare Part B occurs during which dates?
What is required for a contract to be valid?
Which description characterizes a reduced paid-up nonforfeiture option?
What is the minimum number of hours of continuing education Louisiana producers must complete within a 2-year period?
In a contributory group disability plan with 60% employer premium and 40% employee premium, what portion of the premium is paid by the employee?
Which of the following describes a person NOT acceptable by an insurer at standard rates because of health history, occupation, or hobbies?
Contributions to a Roth IRA are treated for tax purposes as
The incontestability period for life insurance policies typically lasts for how long after the policy's effective date?
Which term correctly labels the upper limit on total lifetime benefits?
Which document is issued by a state regulator authorizing an insurer to operate in Louisiana?
In a universal life policy, which characteristic describes death benefit options?
A permanent life insurance policy where the policyowner pays premiums for a specified number of years is called a(n)
An annuitant dies during the distribution period. What kind of annuity will return to a beneficiary the difference between the annuity value and the income payments already made?
In an annuity, which option provides payments for the life of the annuitant with no residual guarantee after death?
A nonresident producer from another state may become licensed in Louisiana if there is what condition?
Which term describes the risk-management approach of avoiding the risk of investment loss by not purchasing stocks?
Which rider allows the insured to increase benefits without a medical exam?
Which configuration would have the highest premium for a disability income policy: 30 day waiting period with 5 year benefit period, 60 day waiting period with 2 year benefit period, 90 day waiting period with 1 year benefit period, or 14 day waiting period with 10 year benefit period?
An example of a primary care physician would be a
Which of the following is a common exclusion in vision plans?
What happens if the insured's age was accidentally misstated on an application for an individual life insurance policy?
In which part of a policy are policy benefits found?
Which policy type allows the policyowner to adjust premium payments and the face amount during the policy term?
To be eligible for Medicare Part D prescription drug coverage, a person must have which of the following?
Which term describes authority granted by the principal to the agent in writing?
When a terminated employee wants to convert group life coverage to an individual policy, how many days do they have?
Which type of annuity stops all payments upon the annuitant's death?
Richard owns an insurance policy that is renewable only at the option of the insurance company. His policy is considered to be
What is the contract called that is issued to an employer for a Group Medical Insurance plan?
Which type of coverage would someone needing custodial care at home require?
The power given to an individual producer that is not specifically addressed in his/her contract is considered what type of authority?
Group dental plans typically limit annual benefits to minimize which insurer concern?
Within how many days must a producer submit a change in address?
How does paying premiums more frequently affect policy cost?
A(n) _______ sells, solicits, or negotiates insurance on behalf of insurance companies for compensation
A doctor who accepts Medicare Assignment agrees to which of the following?
What is the primary purpose of a rating service company such as A.M Best?
Which pairing correctly identifies the two health plan types in the Federal Employees Benefits Program?
A health plan that pays established amounts for listed injuries or procedures is called a
All of the following are examples of a Business Continuation Plan EXCEPT
All of the following are considered to be nonforfeiture options available to a policyowner EXCEPT
When a life insurance illustration includes nonguaranteed values, which statement is accurate?
Which party must be notified prior to using an assumed name for an insurance business?
A Medicare Supplement policy's outline of coverage MUST include a
In estate planning, survivorship life insurance is used to provide funds to
Which provision helps determine the proportion of a claim paid when multiple insurance policies cover the insured?
If changing the beneficiary requires the beneficiary’s signature, what type of designation is this called?
Which of the following is not typically considered a factor in underwriting life insurance?
A health insurance policy will typically cover
Which protection is the insurer required to offer to each long-term care applicant at the time of purchase?
Which withdrawal would be subject to the 10% early withdrawal penalty?
The clause that allows an insurer the right to terminate coverage at any anniversary date is called
Which of the following permits an insurance company to transact business in Louisiana?
Which statement best describes the relationship between Medicare benefits and Medicare Supplement benefits?
All of these are valid policy dividend options EXCEPT accumulate without interest
Which of the following actions is not considered rebating?
Which action is not within the rights of a life insurance policyowner?
The provision that allows an interest-sensitive life policyowner to withdraw the policy's cash value interest-free is called what?
Which of the following policies does not build cash value?
Bill's situation is best served by which living arrangement?
What is an insurer required to do when faced with an error made under the Misstatement of Age Provision?
Which provision in a whole life policy allows a policy owner to terminate the policy in exchange for a reduced paid-up policy?
Annuity policy incontestability occurs after how many years in force?
In a 4-year period, what is the minimum continuing education hours a Louisiana licensed producer must complete?
What percentage of a participant's income are group long-term disability benefit amounts typically limited to?
A rehabilitation benefit is intended to
What is the minimum Long-Term Care policy benefit period?
Reggie purchased a life insurance policy with a face amount of $500,000. After 15 years, the cash value has accumulated to $100,000 and the policy's face amount has become $600,000. Which type of life insurance policy is this?
Which rider allows purchasing additional insurance at specific dates or events without evidence of insurability?
Which statement best describes how Medicare Supplements coordinate with Parts A and B?
What is the name of a life policy in which premiums are paid up within a limited number of years?
A Medicare supplement plan can be cancelled by the insurer for
Pre-certification and concurrent review differ in that pre-certification occurs before what?
A pharmacy benefit covers prescription drugs drawn from a specified list known as what?
A policy with a cash value that grows and a death benefit that may increase is which type?
All health benefit plans issued after January 1, 2014 must provide which service?
A health insurance policy will typically cover
When a Medicare supplement insurance policy is being replaced, who must sign the notice of replacement?
Which type of business insurance is designed to cover the ongoing costs of operating the business while the owner is disabled?
In a hospital indemnity plan, the waiting period before benefits begin per hospitalization is called
In a group health benefit plan, the policyholder is considered to be the
What kind of policy is described as having 80% to 90% of the premium invested in fixed income securities and the remainder in contracts tied to a stock index?
Which statement regarding Group Disability Income Insurance is TRUE?
For a 10-year level term policy with a death benefit of $200,000, which of the following is true?
What term describes the insurer's ability to make unpredictable payouts to policyowners?
Proceeds from a life insurance policy are protected from the beneficiary's creditors by which clause?
A producer who exaggerates the benefits of a policy to induce purchase may be found guilty of what improper act?
In a pharmacy benefit, which term describes the list of prescription drugs covered by the plan?
The insurer assuming the risk in a reinsurance arrangement is called the
Which provision allows a policyowner to surrender the policy for a reduced paid-up policy of the same type?
An alien insurer is defined as
During the accumulation period of an annuity, who is authorized to surrender the contract?
A provision in a whole life policy that allows a policyowner to terminate the policy in return for a reduced paid-up policy of the same type is called a(n)
Which feature protects long-term care policy values from inflation over time?
The practice of selling most policies to family members is called?
A domestic insurer in Louisiana must
Which statement best describes a term policy?
Which annuity type is tied to a stock market index but does not require the purchase of underlying stocks?
All of the following are included as part of a contract in the entire contract provision EXCEPT
A whole life policy option where extended term insurance is selected is called a(n)
Which metal tier represents the highest actuarial value among ACA plans?
In a misstatement of age scenario, the death benefit will be what the premium would have purchased at the correct age.
The Do Not Call registry offers exemptions for calls placed from all of the following categories except which?
What does COBRA allow an employee to do after termination?
Which life insurance option is typically the least expensive for paying off a long-term debt?
A policy owner who anticipates death or develops a life-threatening condition may obtain proceeds from a life insurance contract. These proceeds are known as?
Which action is commonly an underwriting duty of an agent?
The professional liability for mistakes in putting a policy into effect is called?
Which item is not a characteristic of a major medical expense policy?
How many days is a temporary producer's license valid?
Which of these is NOT a qualifying event for Medicare?
A Medicare supplement basic benefit is
A Whole life Insurance policy accumulates cash value that becomes
Which of these factors is NOT taken into account when determining an applicant's life insurance needs?
A policyowner can receive a percentage payment of the death benefits prior to death by using which type of contract?
Which payer is typically primary when an individual has both a group health plan and Medicare?
What is the process called when an employee changes from group life coverage to an individual policy after termination?
What is the legal action allowed for an insurer against the third party responsible for a loss called?
Which term defines the time period a disabled person must wait before benefits are paid under an individual disability policy?
Which is an example of naming a beneficiary by class?
An HMO with physicians and other providers who practice out of a central facility is called which type?
Which term describes the professional liability for mistakes in putting a policy into effect?
To reinstate a lapsed life policy, the insured MUST
All Medicare Supplement policies MUST contain which provision?
A Whole life Insurance policy accumulates cash value that becomes
In health insurance terminology, what term is typically used for a person covered under a Blue Cross Blue Shield plan?
A refund annuity is characterized by which primary feature when the annuitant dies during the distribution period?
A life insurance replacement transaction could result in a
A life insurance policy written on one contract for two people in which it is payable upon the first death is called
Which statement is true about the Part A Medicare hospital coverage eligibility?
Backdating refers to making the policy's effective date earlier than the issue date.
All of the following are valid policy dividend options for a life insurance policyowner EXCEPT
Which item is commonly excluded from life insurance policies?
The typical long-term care insurance policy is designed to provide a minimum of how many years of coverage?
A life insurance policy that contains a guaranteed interest rate with the chance to earn a rate that is higher than the guaranteed rate is called
Key person Disability Insurance pays the benefits to the
In an insurance contract, the applicant's consideration includes which of the following?
If a life insurance policy has a beneficiary who has just received a claim payment, which statement about federal income tax liability is true?
The policy, including endorsements and attached papers, constitutes what?
For a $500,000 10-year nonrenewable level term policy, if death occurs 15 years after inception, how much will the beneficiary receive?
What is the tax liability for employer contributions in Health Savings Accounts (HAS's)?
If an insured gives notice of loss and the insurer does not furnish the forms, what must the insured do?
Which term describes the insurer's monitoring of inpatient care to ensure discharge occurs on schedule?
What is the maximum number of months for preexisting condition exclusion on a Medicare Supplement policy?
For Medicare Supplement policies, the maximum duration of allowed exclusion for pre-existing conditions is how many months?
A Medigap policy is designed to pay costs associated with which Medicare parts?
Which of the following actions may an insurance company NOT do in a health policy that contains a guaranteed renewable premium benefit?
A payor rider is designed to
A domestic insurance company in Louisiana MUST
Which document is issued to each employee under an employer health plan?
Which statement best describes guaranteed renewable provisions?
Long-Term care policies sold in Louisiana may exclude coverage related to which condition?
In life insurance, insurable interest is present when
Which of the following is NOT part of an insurance contract?
What is the primary purpose of Attending Physician Statements in underwriting?
Which statement about term life insurance is true?
Which of the following is typically NOT eligible for coverage in a group health policy?
A nonresident producer from outside Louisiana may be licensed in Louisiana if which condition exists?
How long after its effective date will an individual life insurance policy become incontestable?
In Level Term life insurance, what does the term 'level' describe?
Proof of loss timing applies to which type of policy claims?
Dorian used his life policy's cash value to purchase an extended term insurance option. When the extended term expires, what happens to the protection?
According to life insurance contract law, insurable interest exists
Which of the following describes long-term care insurance?
Which of the following is not a characteristic of a major medical expense policy?
Which of these is considered to be a Living Benefit option in a life insurance policy?
Which term best describes a person who represents an insurer and sells its policies?
A Medicare supplement basic benefit is the first 3 pints of blood per year.
Which statement describes when a life policy becomes effective?
What type of insurance covers the treatment and care of dental problems?
Which statement best defines replacement in life insurance?
Which is not considered a source of information to assist underwriter?
Which process involves the insurer overseeing hospital stays to confirm schedule?
In replacing a life insurance policy, who is typically responsible for providing the notice of replacement to be signed by the applicant?
Which factor is most often used when underwriting a disability income policy?
With a life policy that includes a cost-of-living rider, a 4% CPI increase on a $100,000 face value would raise the face value by how much?
Who must provide the notice of replacement to be signed by the applicant?
What does a Guaranteed Lifetime Withdrawal Benefit provide to the annuitant?
Which section lists the insured's name, policy period, and premium schedule?
Which statement best describes a term policy?
A life insurance policy with a double indemnity rider pays an additional benefit if the insured dies as the result of an accident. In which scenario would the double indemnity apply?
Which of the following is a core benefit of Medicare Supplement Plan A?
An alien insurer is an insurer that is headquartered outside the United States and does business in the United States. Which of the following describes an alien insurer?
Which scenario would NOT qualify for Medicare?
The premium payment mode that results in the highest overall cost would be
Which dividend option allows dividends to be used to reduce premium payments?
Which policy is described as being subject to a contract interest rate credited to cash value?
Which policy type features cash values tied to separate accounts and allows investment performance to affect the cash value?
Election of COBRA for continuation of health coverage will
For a deferred annuity, what is the minimum time before benefit payments may begin after purchase?
In a group health plan, who typically receives a certificate of coverage?
Which of the following best describes the purpose of key person disability coverage?
The benefit described as deferring current compensation to a later date for tax purposes is known as
All Medicare Supplement policies MUST contain which provision?
Which term best describes an insurer formed under the laws of another state and doing business in Louisiana?
Which policy is typically issued by a mutual insurer and provides a return of dividend surplus?
Which statement is true about Level Term life insurance?
Which of the following is Medicare Part B also known as?
In juvenile life insurance with a Payor Benefit rider, who is typically protected by the rider?
Which value in a Whole life policy is available for borrowing against?
Which provision allows a policy owner to withdraw cash value from a policy, potentially altering later benefits, and is sometimes known as partial surrender?
In a policy replacement, who signs the notice of replacement?
Under the subrogation clause, legal action can be taken by the insurer against the
What is the purpose of the Louisiana Life and Health Insurance guaranty association?
During underwriting, which information is commonly reviewed?
What is the primary purpose of advertising regulations in life, health, and accident insurance practice?
If an insurance producer uses an assumed name, when must the Commissioner be notified?
Limited policies are designed to provide coverage for which type of health risk?
Open enrollment period for Medicare Supplements begins at what age?
The waiting period for a disability policy excludes payments for which condition?
An insurer has __ days to file a notice of appointment to the commissioner.
A renewable Term Life Insurance policy allows the policyowner the right to renew the policy
Which of these gaps in Medicare coverage is addressed with Medicare Supplemental Insurance?
The __ is responsible for determining the appropriateness of a Medicare Supplement policy for an applicant.
What will the beneficiary receive if an annuitant dies during the accumulation period?
Which clause protects a policyowner from misrepresentation caused by an innocent mistake?
Which feature is held exclusively by variable universal life insurance?
Which statement about advertising regulations is true?
A producer license is NOT required in which activity?
Which gap in Medicare coverage is typically addressed by Medicare Supplement Insurance?
Which license is REQUIRED to solicit Long Term Care Insurance in the State of Louisiana?
Who typically pays the premium for a standard health policy?
What is the life insurance rider called that allows purchasing more insurance as you age without evidence of insurability?
Under no loss no gain laws, a replacing policy must cover ongoing claims for the policy it replaces.
Which of these describes the result of a modified endowment contract that failed to meet the seven-pay test?
Which is a valid reason for canceling a Medicare Supplement policy by the insurer?
Premiums paid that exceed 7 1/2% of an insured's AGI are tax-deductible when paid for which plan?
Which of the following is NOT a valid policy dividend option for a life insurance policy owner?
The typical long-term care policy is designed to provide a minimum of how many years of coverage?
An insured's status under Social Security can be described as which of the following?
Underwriting in insurance is the process of evaluating what primary factor?
Which of the following illustrates unfair discrimination?
Disability income policies typically pay benefits in which form?
A business will typically use which type of life insurance to cover its employees?
Which product type requires a securities license to be sold due to its investment component?
In level premium permanent life insurance, the reserve is designed to eventually equal the policy's face amount. True or false?
Which of these characteristics of an applicant is NOT taken into consideration when assessing risk for Disability coverage?
If the insured's age was misstated on a life policy and the insured dies, how is the death benefit determined?
Insurable interest in a life insurance contract exists at what point?
What is the primary purpose of submitting a health claim form to the insurer?
Which type of deductible applies a single deductible to both medical and dental coverage?
Which of the following does a life insurance policy summary normally include?
Which premium mode is typically the most costly over time?
Which statement best describes when the automatic premium loan using cash value would occur?
A change in an insurance application requires
Disability insurance becomes incontestable after how many years in force?
A viatical settlement broker may NOT
Which statement best describes federal income tax liability on life insurance proceeds paid to a beneficiary?
The automatic premium loan provision authorizes withdrawal from a policy's cash value for which of the following?
What kind of insurance provides coverage for one or more necessary or appropriate diagnostic, preventive, therapeutic, rehabilitative, maintenance, or personal care services in a setting other than an acute care unit of a hospital?
After an annuity has been in force for how many years is it considered incontestable?
Which statement best describes how deferred annuity earnings accumulate for tax purposes?
Who assumes the investment risk with a fixed annuity contract?
Which statement is true about paid-up dividend options in a life policy?
All of these plans are common exclusions to a life insurance policy EXCEPT
Louisiana life insurance policies provide a free-look period lasting how many days?
Which pair correctly identifies the FEHB plan types?
Estate conservation in estate planning refers to using life insurance to accomplish which objective?
A disability income policy can prevent an insured from earning a higher income than if he/she were working by utilizing
Bill the producer is collecting the initial premium on a health policy. Which statement is true?
Which statement most accurately describes the relationship between Medicare Part A and Part B and a Medicare Supplement policy?
A beneficiary change can occur:
Which of these is NOT an Unfair Claims Settlement Practice?
A medicare supplement policy can be cancelled by the insurer for
Which type of beneficiary should be named if the insured wants to give explicit directions on how the policy proceeds should be paid?
Louisiana Health Insurance Association provides health coverage to which group?
The enrollment period is used in reference to which type of health plan?
What is the primary feature of a viatical settlement?
In a unilateral insurance contract, which party has the obligation to perform?
In Louisiana, small employer health plans require a MINIMUM of __ employee(s).
Which condition is commonly cited as potentially covered by Louisiana long-term care policies?
In a life insurance illustration that shows future premiums being paid from nonguaranteed values, which disclosure must accompany the illustration?
Under COBRA, termination of employment makes an employee eligible for continuation of coverage provided what condition is met?
Which plan typically does not permit employee pre-tax contributions?
Which description best defines a life annuity with a guaranteed number of payments, regardless of survival?
The preexisting condition look-back period is measured in months. Which of the following is a valid look-back month for health policy preexisting condition determination?
Medicare Part B is also known as?
An accident and health policy that provides reimbursement benefits pays benefits to whom?
A domestic insurance company is defined as one formed under the laws of which jurisdiction?
Which policy covers two or more people with the death benefit payable upon the last person's death?
What is the effect of the common disaster provision when both the insured and beneficiary die in the same accident?
Which body regulates claim settlement practices within a state?
All of the following are exempt from the 10% tax penalty for early qualified plan withdrawals EXCEPT which?
If the insured's age was misstated at issue and death occurs, which statement best describes the insurer's liability?
A producer must notify the Commissioner within ___ days of a felony conviction
Which settlement option is described as paying earnings to the beneficiary while the principal remains with the insurer?
The outline of coverage for a Medicare Supplement policy must include which of the following?
Why are dividends from a mutual insurer not subject to taxation?
An alien insurer is best described as
A business entity wishing to act as an insurance producer MUST do what?
Which statement best describes a universal life policy?
As a beneficiary of a traditional IRA, you pay which taxes on withdrawals?
Distributions from a Health Savings Account (HAS) for qualified medical expenses are
In an 80/20 coinsurance arrangement with no deductible, which party pays 80% of covered expenses?
Which term best describes a plan that combines features of HMOs and PPOs and is commonly referred to as a POS plan?
The dental specialty that focuses on the replacement of missing teeth with devices such as crowns and dentures is
Maria the producer would like to advertise an annuity product on a highway billboard. Which of the following must be included in the advertisement?
After a disability policy has been in force for how many years is it considered incontestable?
Which type of beneficiary should be named if the insured wants to give explicit directions on how the policy proceeds should be paid?
How does life insurance create an immediate estate for the beneficiary?
A Guaranteed Lifetime Withdrawal Benefit provides which protection?
Which concept describes the fundamental role of insurance in risk management?
What is the immediate specific event causing loss and giving rise to risk?
A rider that assures premiums will be paid on a juvenile policy until the child reaches a specific age is called
A preexisting condition is defined as a condition for which medical advice or treatment was recommended by or received from a health care provider within how many months preceding the policy's effective date?
Which statement regarding the annuitant is correct?
Rob purchased a standard whole life policy with a $500,000 death benefit when he was age 30. His insurance agent told him the policy would be paid up if he reached age 100. The present cash value of the policy equals $250,000. Rob recently died at age 60. The death benefit would be
Which term describes a policy written on two lives that pays on the first death?
To solicit insurance in Louisiana, which license is required for an out-of-state producer?
When does an immediate annuity purchased with a single premium typically begin payments?
An unfair claims settlement practice includes which of the following?
What happens when an insurance policy is backdated?
How many employees must an employer have for a terminated employee to be eligible for COBRA?
Which of the following is a dividend option available to life insurance policy owners?
A rider that assures premiums will be paid on a juvenile policy until the child reaches a specific age is called a(n)
What is the length of the grace period after the first premium payment for an accident and health policy?
In which situation would the insurer be liable for a loss?
Which BEST describes a conditional insurance contract?
A waiver of premium rider's trigger is disability
In Louisiana, the life insurance producer soliciting a policy is considered to represent the
After an insured gives notice of loss, what must he/she do if the insurer does not furnish forms?
What is the purpose of a deductible in health insurance?
Which of the following is NOT a required provision in an accident and health insurance policy?
What is the maximum number of days allowed to complete a traditional IRA rollover to avoid tax consequences?
Which of the following is an example of endodontic treatment?
Which is not a key underwriting factor?
Which type of policy pays the face amount at the end of the specified period if alive?
Fixed Annuities provide all of the following except which?
An underwriter's primary responsibility to the insurer is to protect against what?
Who must initiate changes in an insurance application?
The double indemnity provision in life insurance pertains to death caused by which of the following?
Underwriting health insurance considers medical history such as which of the following?
Which statement best describes noncancellable disability income policies?
A producer who sells most of his/her insurance policies to family members is said to be engaging in
What describes a rider in an insurance plan?
Under an individual health plan, the document that evidences coverage is called a
An attending physician's statement would be appropriate for which life insurance purpose?
Which provision prevents the policy owner's loss of the policy's cash value when they lapse or surrender the policy?
Which of the following is an example of a primary care physician?
If a policy owner pays premiums more frequently, what happens to the overall policy cost?
Which statement best describes insurable interest in life insurance?
Which of the following is considered to be an alternative to a life settlement?
A waiver of premium rider allows an insured to waive premium payments if the insured is
An individual who removes risk by never purchasing stocks is engaging in
Credit Accident and Health plans are designed to help with what?
The insurer need not pay interest on death benefits if the proceeds are paid within how many days after the insured's death?
Which policy type covers two lives and pays upon the death of the first insured?
Which is an example of the insured's consideration in a policy transaction?
A viatical settlement broker may NOT
Which is not a characteristic of a universal life policy?
Credit Accident and Health plans are designed to
When does a life insurance policy typically become effective?
Endodontic treatment refers to which dental procedure?
The rights to recover payment made to the insured from the negligent party are called?
Which statement about Medicare Supplement policy benefits is true?
In Louisiana practice, the producer is considered to represent which party in disputes between insured and insurer?
Insurable interest exists when there is an economic interest in the continued life of the insured.
Which retirement plan is designed for the self-employed?
If an insurer issues a policy with a guaranteed issue provision, what does that mean?
A provision that allows a policyowner to withdraw a policy's cash value interest free is a(n)
Under the Affordable Care Act, a Silver Plan offers what actuarial level of coverage?
According to the Health Insurance Portability and Accountability Act (HIPPA), when can a group health policy renewal be denied?
A life insurance policy designed to reduce the death benefit over time to align with a decreasing loan balance is called
An individual covered under a Blue Cross Blue Shield plan is called a(n)
Which item would be least likely a source of information for underwriting, given standard practices?
Which coverage provides daily hospitalization indemnity?
Which act protects consumers by regulating credit reporting and distribution?
A life insurance policy written on two people in one contract and payable upon the first death is called
Before a producer may sell, solicit, or negotiate insurance for an insurer, what must they secure from the insurer?
A policy owner suffers an injury that renders him incapable of performing one or more important job duties. Any decrease in income resulting from this injury would make him eligible for benefits under which provision?
A payor benefit rider is designed to do what in a life insurance arrangement?
What does the term maximum benefit describe in a life insurance policy?
What are an applicant's statements concerning occupation, hobbies, and personal health history regarded as?
What is the primary reason for buying an annuity?
Which type of coverage pays a fixed daily amount directly to the insured for hospitalization, regardless of other health coverage?
Which of these is NOT considered to be a nonforfeiture option in a whole life insurance policy?
Disability policies become incontestable after how many years in force?
Which policy offers flexible premiums, a flexible death benefit, and the choice of how the cash value will be invested?
Under HIPAA, which item is considered individually identifiable health information?
Under the suicide clause, if suicide occurs within the specified period from inception, the insurer is liable for which of the following?
Which relationship would typically establish insurable interest?
What is the type of life policy that pays on the death of the last surviving insured?
A life insurance claim with a per capita distribution would be payable to the
Medicare Part B covers
Which rider provides monthly disability income benefits?
Under the 7.5% of AGI rule, which expense is considered a tax deductible medical expense?
If a policyholder selects a longer premium payment period for a whole life policy, what is the typical effect on the premium amount?
Under HIPAA, the 10% excise tax on an early IRA withdrawal is not applied if the withdrawal is used to cover medical expenses exceeding what percentage of the individual's adjusted gross income?
Which statement about accelerated death benefit options is true?
A provision that allows a policyowner to temporarily give up ownership rights to secure a loan is called a(n)
Which of the following is an example of elective cosmetic surgery?
Reinstatement after lapse typically requires which of the following?
NOT true about insurable interest?
In disability policies, the elimination period acts as a waiting period before benefits begin.
Advertising regulations exist to do what?
A health insurance policy where the insurer has the right to terminate the policy owner's premiums, but NOT cancel the policy is called a(n)
Which term describes a foreign insurer doing business in Louisiana?
What term describes a policy that can be canceled in the middle of the term with notice?
Which option provides a living benefit in life insurance by allowing access to a portion of the death benefit before death under qualifying conditions?
Which word best describes a life policy that may not be renewed at the end of its term?
What is the provision called that allows a policy to stay in force when a premium is paid late?
Which of the following is NOT a valid option for an Adjustable Life Policy?
Which action is an unfair claims settlement practice?
What does premium mode describe?
Which two actions are typically required for policy reinstatement?
In replacing an existing life policy with a new policy, who must provide the notice of replacement to be signed by the applicant?
Which clause in a life policy describes when benefits are payable?
What is the advantage of adding a children's term rider to a life policy?
What is the purpose of a Disability Income Benefit?
A provision that allows a policy owner to withdraw a policy's cash value interest free is called a
In a risk transfer arrangement, the insurer assuming the risk is the
On an individual life or health insurance application, which signature is not required?
A(n) ______ sells, solicits, or negotiates insurance on behalf of insurance companies for compensation.
Under a double indemnity provision, which death cause would trigger the extra benefit?
An error was made on Mary's life insurance application. Errors commonly occur on applications in which area and for which the incontestable clause does NOT apply?
Which term describes a permanent life insurance policy with limited premium payments?
A securities license is required for a life insurance agent producer to sell
Which statement about Medicare Supplement policy benefits is true?
Before using an assumed name in business, which authority must be notified?
If health policy reinstates after lapse for nonpayment, how many days is the sickness claim waiting period before coverage begins?
The death claim payment must be completed within which period to avoid interest accrual?
The monthly benefit for an individual disability income policy is usually limited to a percentage of the insured's income to avoid what?
Loss of Income insurance provides which of the following?
What type of policy would only provide coverage for specific types of illnesses (cancer, stroke, etc.)?
In an insurance program, which is considered an expense factor affecting premiums?
A cost-of-living rider on a life policy affects the policy by doing what when the CPI changes?
Which feature best describes a Guaranteed Insurability Rider?
Under a typical group health policy, which member is most likely to be eligible for immediate coverage?
Which statement describes a flexible premium annuity?
Which plan pays tax-free benefits to employees?
Which of these is NOT subject to income taxation under a Modified Endowment Contract (MEC)?
A type of group that has a constitution and bylaws and has been organized for purposes other than obtaining insurance is called a(n)
All of the following plans allow for employee contributions to be taken on a pre-tax basis EXCEPT
Decreasing term life insurance is often used to provide coverage for which of the following?
Regarding life insurance dividends, which statement is true?
All of the following are included as part of a contract in the entire contract provision except the
A life insurance policy that has premiums paid up within a select time period is called
According to HIPAA, renewal of a group health policy can be denied if
How many months can a life insurance policy normally be backdated from the date of application?
A foreign insurance company doing business in Louisiana is defined as:
Which statement correctly describes accelerated benefits in life insurance?
What percentage of adjusted gross income is the threshold for deductible medical expenses?
If a whole life policy with cash value has a loan outstanding that is not repaid, the net death benefit will be reduced.
Which of the following does Medicare Part D cover?
On occasion, insurable interest may exist in the absence of economic interest. Which example illustrates this?
Health insurance typically covers two perils, which are
Which arrangement allows a lender to hold a temporary interest in a life insurance policy as security for a loan?
Under ACA classifications, which plan tier is commonly associated with a 70% actuarial value?
Per capita distribution in a life policy claim is typically payable to
A life insurance company transferring some of its risk to another insurer. The insurer assuming the risk is called the
A common exclusion with Vision plans is
A life insurance policy normally contains exclusions restricting coverage in the event of death in several situations. Which of the following would be the exception?
A foreign insurance company doing business in Louisiana
Regarding a disability policy funded by an employer, which statement best describes the tax treatment of benefits paid to the employee?
In a group disability income plan, benefits paid to employees are typically taxed as
The waiver of premium does NOT include which provision?
Tom has a rider on his disability income policy that guarantees the right to increase his benefits without a medical exam. What kind of rider is this?
NOT a federal requirement of a Qualified plan?
Long-term disability benefits are typically coordinated with which benefit plan?
What is the term for the insurer that takes on risk from another insurer?
Elizabeth is the beneficiary of a life insurance policy and is receiving the death benefit in payments of $10,000 per month until the principal and interest have been paid out. Which settlement option was chosen?
Under the Affordable Care Act, which metal tier is designed to provide actuarial value of about 80%?
Under MEC rules, which component is generally not taxed when distributed?
In Louisiana, a small employer may not consist of more than how many eligible employees?
All of these are standard exclusions found in a life insurance policy EXCEPT
In insurance applications, the statements made by the applicant are best described as
Which clause protects policyowners from misrepresentation caused by innocent mistakes?
Which statement about whole life insurance is true?
Which statement best describes the requirement for notifying the insurer of a health claim?
Which term describes a risk category where a person is charged higher premiums due to health history?
Which of the following is NOT a characteristic of a Group Life Insurance Plan?
Which of the following is NOT an example of a Business Continuation Plan?
Which entity provides Medicare Supplement policies?
Who is responsible for assembling the policy forms for insureds?
Under a Major Medical plan with zero deductible and 80/20 coinsurance, a $1,000 claim results in the insured paying
To be eligible to solicit insurance contracts, a licensed producer must be ____ by an insurer.
Level premium term life insurance policies have premiums that are averaged over the policy period. True or false?
Which statement best describes the document used to outline policy features, benefits, exclusions, and riders in a Long-Term Care policy?
Under HIPAA, when can a group health policy renewal be denied?
Which statement about insurable interest is true?
Before engaging in viatical settlements, a broker must
What does a cease and desist order do in regulatory actions?
Which statement describes a guaranteed issue policy?
In the context of Long-Term Care policy documents, which term describes the document that outlines policy features, benefits, exclusions, and riders?
What is the primary difference between Long Term Care Partnership Plans and Non-Partnership Plans?
Which of the following is a nonforfeiture option?
Under COBRA, which statement about continuation coverage is true?
In Louisiana, what term describes a company authorized to transact insurance by the state regulator?
Which term pertains to the analysis of an applicant's personal information and determining whether insurance should be issued or declined?
Medical Expense Insurance would cover injuries occurring where?
Under an accident and health plan, coverage for newborns must include coverage for which condition?
A disability elimination period is best described as
A guaranteed issued policy has no what?
A policy written on two lives that pays out on the first death is commonly described as
If a life insurance policy designates Elizabeth as a beneficiary, who receives the death benefit?
Which of the following employers is required to follow ERISA regulations?
Which of the following is typically considered a source of underwriting information?
An HMO that involves a partnership of physicians and other providers who practice out of a central facility is called a(n)
What is the free-look period for a life insurance policy sold in Louisiana?
What does the term incontestable mean in insurance policy terms?
Disability income policies typically pay benefits in
With a major medical plan that provides first-dollar coverage, what is the impact on the deductible?
Which of these would be the best example of a limited pay life insurance policy?
In group medical insurance, the single contract issued to an employer is known as what?
In a decreasing term life policy, which statement describes the relationship between death benefit and premiums?
If two partners own life insurance on each other's lives and name each other as beneficiaries, who receives the policy proceeds when one partner dies?
What is the purpose for having an accelerated death benefit on a life insurance policy?
Insurable interest does NOT occur in which relationship?
All of the following are functions of an insuring clause EXCEPT
If a change to a more hazardous occupation occurs, which statement describes the effect on disability benefits?
Which official has the responsibility to regularly examine domestic insurance companies?
What is required to be eligible for Medicare Part D prescription drug coverage?
Maria would like an annuity that provides a guaranteed accumulation or payout. What is this type of annuity called?
In an employer-sponsored contributory group disability income plan where the employer pays 60% and each employee pays 40%, at what percent are income benefits taxed to the employee?
Which of the following best describes the primary purpose of the coordination of benefits provision in group health plans?
Underwriting uses an investigative consumer report to gather information about which of the following?
Which disability is defined as being less than total impairment but permanent?
Under which beneficiary designation is the policyowner prohibited from making changes to the policy without the beneficiary's written consent?
Which annuity payout option makes no additional payments regardless of when the annuitant dies?
The element that shows each party is giving something of value in an insurance contract is called what?
A health care provider claim may be settled using which of the following payment methods?
Sole proprietors may deduct health costs paid from earnings in what percentage?
A Roth IRA owner must be at least what age in order to make tax-free withdrawals, provided the account has been owned for the required period?
Which of the following is an example of an Unfair Claims Settlement practice?
Which type of policy combines the flexibility of a universal life policy with investment choices?
What makes an insurance policy a unilateral contract?
The elimination period under a hospital indemnity plan is
Which type of benefit is NOT typically covered by a nonprofit health service plan?
Insurable interest does NOT exist between which pair?
A Medicare Supplement Policy is
In a group health insurance context, which statement is true about the contract?
According to HIPAA, when an insured individual leaves an employer and immediately begins working for a new company that offers group health insurance, the individual
Which term describes authority that is not explicitly granted in the agency contract but that an agent can reasonably assume to carry out duties?
A policyowner may exercise which dividend option that uses the dividend to pay all or part of the next premium due?
Which statement best describes the effect of the free look provision?
Jennifer's health policy includes a deductible; what does this mean?
Which would be a valid example of a group health benefits policyholder in a typical group plan?
Errors on an insurance application commonly occur in which area, for which the incontestable clause does NOT apply?
Which type of life insurance is typically used by a business to cover its employees?
After how many years from date of issue can a policy no longer be canceled by the insurer for misstatements (except fraud)?
Replacement can be defined as
In Louisiana, when a dispute arises between the insured and the life insurance company, the producer is considered to represent which party?
All health benefit plans issued after January 1, 2014 must provide which of the following services?
A beneficiary change can occur: normally at any time during the policy term
Medicaid is intended for which group?
Which disability policy provision allows an insurer to adjust policy benefits and rates if the insured changes to a more hazardous occupation?
Respite care is able to provide
The group life underwriting risk selection process helps protect insurers from which problem?
All of the following are characteristics of a Group Life Insurance Plan EXCEPT
Which of the following is an example of a defined contribution retirement plan?
Which of the following is a reinstatement condition?
Which provision addresses inflation concerns in disability benefits?
In Louisiana, what is the standard grace period for life insurance policies?
Tyler purchased a disability policy with a waiver of premium rider. He becomes disabled on May 1 and begins benefits on June 15. On which date are his premiums waived?
In an annuity with a fixed period payout, which option ensures a predetermined number of payments?
Insurance represents the process of risk?
How are gains in an annuity treated for tax purposes?
Under HIPAA, creditable coverage allows what regarding preexisting condition waiting periods when enrolling in a new group health plan?
Life insurance proceeds paid to a beneficiary are generally taxed how for federal income tax purposes?
Which financial product is primarily used to provide retirement income?
Kathy pays a monthly premium on her health insurance policy. How long is her grace period?
A life insurance claim which involves a per capita distribution of policy proceeds would be payable to the
Which event typically qualifies a former employee for COBRA continuation coverage?
Which clause gives an insurer the right to terminate coverage on any policy anniversary date?
Which of these would limit a company's liability to provide insurance coverage?
Louisiana individual health policies require dependent children coverage up to age
Which of the following is NOT a requirement for a Louisiana nonresident license for an Arkansas producer?
What is the primary purpose of a Medicare Supplement policy?
Which annuity option guarantees the annuitant cannot outlive the benefits?
Which term describes the person who sells, solicits, or negotiates insurance on behalf of insurers for compensation?
Proof of loss on a health insurance claim must be submitted within __ days after the insured's date of loss.
The period with no Social Security benefits for the surviving spouse is called the blackout period.
Which provision resulted in this deduction: a claim payment is reduced due to overdue premiums?
Julie has a $100,000 30-year mortgage. Which life insurance type is designed to pay off the loan balance if she dies within the 30-year period?
A rehabilitation benefit is intended to
Charles is a producer licensed in Louisiana but resides in Mississippi. Charles is considered to be a(n) _____.
If there is no reciprocal arrangement with the domicile state, can a nonresident producer be licensed in Louisiana?
Which signature is not required on an individual life or health insurance application?
What happens to the coverage under a children's term rider when that child reaches a certain specified age?
In Louisiana, legal action can be taken for up to one year against an insurer for failure to pay health insurance claims after proof of loss was submitted.
All of these types of benefits may be covered by a nonprofit health service plan, except which?
Uniform Optional Provisions: Which provision covers a claim when a portion of the premium is past due and the insurer pays only a partial claim?
Under a disability income policy, which provision would apply if the cause of an injury is accidental?
Which of the following is a dividend option for life insurance policy owners?
A Medigap policy is designed to pay costs associated with Medicare Parts A & B.
Louisiana residents who are uninsurable may obtain health coverage through which organization?
An annuitant dies during the distribution period. What type of annuity would pay the difference between the annuity value and the income payments already made to a beneficiary?
In a contract of adhesion, how are the terms generally treated?
Elimination periods are a characteristic of which type of policy?
A life insurance policy that is subject to a contract interest rate is referred to as
A life insurance policy normally contains a provision that restricts coverage in the event of death under all of the following situations EXCEPT
What is the general federal tax treatment of life insurance proceeds paid to a beneficiary?
What is the term for a rider that allows converting term insurance to permanent insurance without evidence of insurability?
Kristi buys an annuity that pays her husband for 15 years; if he dies, payments continue to their children for the remainder of the period. What type of annuity is this?
In a major medical plan with first-dollar coverage, which statement is true?
Karen the producer pays for her client's initial premium payment as an incentive for purchase. This act is considered a
Barbara's policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. This rider is called a(n) ?
Which statement about Coordination of Benefits is true?
When an insurance producer conducts business under an assumed name, what must be done before using that name?
In Louisiana, for how many years can an insurer contest a life insurance policy after issue?
A permanent life insurance policy in which the policy owner pays premiums for a specified number of years is called a
Continuous 24-hour care provided by licensed medical professionals under the direct supervision of a physician is called
A cease and desist order
In a key employee disability policy, where the employer pays the premiums, what is the tax consequence of the benefits paid to the employee?
In relation to the seven-pay test, a Modified Endowment Contract that does not pass the test results in taxes on distributions taken prior to death.
The free look period in Louisiana is ___ days.
Which policy feature makes a universal life policy different from a whole life policy, in terms of premium payments?
Which item is typically included in a life insurance policy summary?
Loans against the cash value of the life insurance policy are typically treated for tax purposes as:
What is the field underwriter's primary task?
In Medicare Supplement policy discussions, which party is responsible for determining policy suitability for an applicant?
When a small employer health insurance plan is offered, it must be available
Under an individual health plan, what document is issued to the insured?
Under a Modified Endowment Contract, what are the likely tax consequences?
Keogh plans were designed to provide pension benefits for which group?
Which policy has cash values that vary according to investment performance of stocks?
Which of these statements concerning traditional IRAs is correct?
A disability income policy typically includes a waiver of premium rider. What does this rider do?
Long-Term Care policies may provide coverage for claims arising from which condition?
In Louisiana, Long-Term Care policies issued must include which feature?
Which statement about the MIB is true?
Which term describes a guarantee that the statements on the application are true?
A viatical settlement contract proceeds may be subject to creditors' claims.
Medicaid is designed for which population?
Part A Hospital expense coverage provided under Medicare is automatically made available to which of the following? EXCEPT
A master contract and certificate of coverage are found in which type of policy?
For newborns, what is the minimum required period of coverage from birth?
A disability elimination period is best described as a
A cease and desist order is used to
Which item is commonly excluded from disability income coverage?
How may an insurer screen applicants for HIV?
What is the grace period after the first payment is made for an accident and health policy?
Which term refers to a person who has a contract with an insurer to represent it and solicit insurance?
A person who is a nonsmoker, of average weight, and in excellent health would most likely be in which risk classification?
In contract terms, the phrase 'entire contract' refers to the policy and
Which nursing home option BEST suits an individual who needs some nursing care and supervision but NOT full-time care?
Mark continues working after age 65 and is covered through his employer's group health plan. Which statement is TRUE?
Which of these is NOT considered to be a risk factor in life insurance underwriting?
Which option best describes when a policy is backdated?
Nonforfeiture value provisions in long-term care policies are intended to protect the policyholder from what scenario?
Which of the following is not a valid policy dividend option for a life insurance policy owner?
Under a nonforfeiture option, the cash value is used to purchase which type of insurance?
Which of these is a requirement for obtaining a resident insurance producer license in this state?
A COBRA extension can be triggered by which of the following events?
Which living arrangement provides supervised housing with some nursing services but not 24-hour medical care?
Which dividend option uses the dividend to pay all or part of the next premium due?
Which of these annuities require premium payments that vary from year to year?
Bryce purchased a disability income policy with a rider that guarantees him the option to purchase additional amounts of coverage at predetermined times without providing evidence of insurability. What kind of rider is this?
How often must the Commissioner examine each domestic insurance company?
Which nonforfeiture option provides extended term insurance?
Terminally-ill life policyowners may sell their policy at a discount to a third party. This type of agreement is called a
Which term describes authority granted to an agent by the principal in writing?
In a long-term care policy, which of the following is NOT an activity of daily living (ADL)?
Which term describes the document that outlines policy coverage details and is sometimes called the Outline?
When a decreasing term policy is purchased, it contains a decreasing death benefit and
Which statement is true about Medicare Part A eligibility?
Under a life insurance policy, what does the insuring clause state?
A decreasing term policy is typically used to cover which of the following?
An attending physician's statement would be appropriate for which life insurance purpose?
Bill requires some nursing care and supervision but not full-time care. Which option would best serve him?
Which Part of Medicare does a Medicare Supplement policy supplement?
In determining pre-existing condition eligibility for a group plan, what is the maximum allowable gap in days between health coverage periods?
Long-Term care policies sold in Louisiana may NOT exclude coverage for which condition?
In a 20-pay life policy with a paid-up dividend option, which statement is true?
According to HIPPA, when an insured individual leaves an employer and immediately begins working for a new company that offers group health insurance, the individual
Which contract allows a policy owner to receive a portion of the death benefit before death?
Which plan would be most appropriate for an individual on Medicare and is concerned that Medicare will NOT pay for charges exceeding the approved amount?
Converting a group plan to permanent life insurance requires
Which type of policy would only provide coverage for specific illnesses such as cancer or stroke?
Which scenario illustrates unfair discrimination?
A health insurance policy where the insurer has the right to terminate the policy for reasons other than the insured's health is called
All of the following are exempt from the 10% tax penalty for early qualified plan withdrawals EXCEPT
How many days is a temporary producer's license valid?
Which action is NOT considered rebating?
In which relationship would there NOT be insurable interest?
If the annuitant dies before the annuity start date, what will be paid to the beneficiary?
Which of these factors is NOT taken into consideration when determining the cost of a long term care policy?
Which beneficiary status requires the policy owner's consent for policy changes?
Which of the following describes collateral assignment?
Which of the following is typically covered as part of standard health insurance benefits?
Which nonforfeiture option provides cash to the policyowner upon surrender?
Which organization protects insureds from insurance company insolvency?
For an Arkansas resident seeking to solicit insurance in Louisiana, which of the following is NOT a requirement to obtain a Louisiana nonresident license?
The free look provision gives policyowners the right to return the policy with a full refund within a specified number of days. Which option best states this right?
When can a group health policy renewal be denied according to HIPAA?
In the context of an insurance policy, the term 'maximum benefits' refers to what?
An example of a tax-qualified retirement plan would be a
Under COBRA, continuation coverage may be extended to which individuals after a qualifying event?
Which policy type blends universal life flexibility with investment choices?
Endodontic treatment is which dental procedure?
A limited payment whole life policy provides what?
Which of the following statements best describes a temporary annuity certain?
Which policy pays out upon the death of the last surviving insured?
Which of the following would be considered a possible applicant and contract policyholder for group health benefits?
Which of the following would not be considered a presumptive disability?
Which item is a basic benefit of Medicare supplement plans?
What kind of annuity is described when an employee contributes to an individual annuity and the employer also contributes to a separate company pension plan?
The blackout period is associated with which benefits?
Which arrangement involves selling a life insurance policy to a third party for cash, with the insured not necessarily terminally ill?
All of these are characteristics of a universal life insurance policy EXCEPT
Without a section 125 plan in place, a payroll contribution to an HSA would be considered what?
What is the minimum benefit period that must be offered by a Long-Term Care policy?
Which type of life policy requires premiums to be paid up within a limited number of years?
Underwriters can acquire information from all of the following sources except
Kate has a Major Medical Plan with 75/25 coinsurance and a deductible of $25. How much will she pay if she incurs a $125 bill before meeting the deductible?
Claims payable to a Disability Income Insured, even when the insured can continue to work, are the result of a
Which policy feature makes a universal life policy different from a whole life policy?
A long term care policy typically provides all of the following levels of care except
In an irrevocable beneficiary designation, whose signature is required to change the designation?
An insurance producer who uses an assumed name must notify the commissioner prior to using the name.
Which action is restricted for a viatical settlement broker prior to licensing?
Which rider would pay a monthly amount because of total and permanent disability?
What is required for ANY change in an insurance application?
In disability benefits from an employer-paid policy, the portion considered taxable is
In an employer-sponsored group accident and health plan, the master contract is issued to whom?
Which of the following is a nonforfeiture option available to a policyowner?
Which statement best describes the Roth IRA tax-free withdrawal requirement?
A licensed producer MUST be _____ by an insurer to be eligible for soliciting insurance contracts
Coordination of Benefits regulation applies to all of the following plans EXCEPT
Which retirement plan qualifies for a federal income tax deduction?
Which settlement option pays a stated amount to the annuitant but provides no residual value to a beneficiary?
When a producer is replacing an existing ordinary life insurance policy, the producer must take all of the following actions except:
Statements made by an insurance applicant on an application are considered what?
Which principle do insurers use to predict changes in risk across a large group?
If the insured and policy's beneficiary die in the same accident, the common disaster provision states the insurer will continue as if
A master contract and certificate of coverage can be found in which type of policy?
Which policy covers the ongoing overhead costs of a business when the owner is disabled?
Which statement best describes a group life policy?
A life insurance replacement transaction could result in which of the following charges?
Which of these would not be considered a presumptive disability?
Which rider waives premiums if the insured becomes disabled?
Medicare Advantage plans are commonly referred to as which Part?
Which is NOT an element of a valid contract?
Which of the following is NOT considered fraud?
Medicare Advantage plans are sometimes called
Insurance premium is determined by factors except which?
The change from a group health plan to an individual plan with the same insurer after employment ends is called what?
Which of the following are the premium payments for a Universal life policy NOT used for?
What would be an expense factor in an insurance program?
Which of the following is a true characteristic of a Group Life Insurance Plan?
Which statement is NOT true regarding a Critical Illness Plan?
Which entity must approve insurers to transact insurance in Louisiana?
A company that is authorized by the Commissioner to transact insurance business in Louisiana is called a(n)
Which statement is CORRECT regarding an individual applying for life or health insurance?
When applying for life or health insurance, which of the following is likely to occur?
All of the following are functions of an insuring clause EXCEPT
Which statement about renewable Term Life policies is true?
Exaggerating policy benefits to induce purchase is an example of which unethical practice?
Which of the following is considered to be a point of service (POS) plan?
Which statement about a Modified Endowment Contract best describes tax treatment of pre-death distributions?
In underwriting, an attending physician's statement is used to assist in which process?
What term describes a health care payment system where the provider is paid for each service rendered?
An endorsement found in an insurance plan that modifies the provisions of the policy is called which term?
All of these are characteristics of a major medical expense policy EXCEPT
Which of the following is NOT information found in a life insurance buyer's guide?
Backdating a life insurance policy means the policy's effective date is earlier than the issue date.
An insurable interest in insuring a person's life exists if an economic interest exists for the continuance of the insured's life.
What is the nonforfeiture value of an annuity before annuitization?
To solicit health insurance products in Louisiana, the agent must hold which license?
Which of the following is an example of naming a beneficiary by class?
In a Louisiana life policy sale, the producer's representation is on behalf of which party?
The premium for a modified whole life policy is
On which page of an individual long-term care policy form must the renewability provision be located?
Tom has a home health care benefit and is confined to his home. Which benefit is not typically covered?
A Medicare supplement plan can be canceled by the insurer for nonpayment of premiums.
In insurance terminology, the addition to a policy that modifies provisions and coverage is called which term?
Which of the following would be considered an underwriting duty of an agent?
Which of these is NOT considered to be a common life insurance nonforfeiture option?
Proof of loss for a health claim is typically required to be furnished within what period after the loss occurs?
Dividends paid by a mutual insurer are generally not taxed because they are considered?
If a claimant fails to provide timely notice of a health claim, what is a likely insurer response?
What is the primary factor that determines the benefits paid under a disability income policy?
Which marketplace provides health care tax credits to small employers?
How is Medicare Part B funded?
Which statement demonstrates naming a beneficiary by class?
Which of the following is an example of the insured's consideration?
A whole life policy option where extended term insurance is selected is called a(n)
All Louisiana licensed producers must complete which continuing education requirement?
Which statement is an example of naming a beneficiary by class?
Lorenzo is self employed with an S corporation. He is unmarried and had a net profit for the year. What are the tax ramifications of his health insurance premiums paid for the year?
An employer's group medical insurance policy, issued as a single contract, is known as a
Under the 7.5% AGI threshold, which may be considered a medical expense?
Which statement about collateral assignments is true?
Which annuity option guarantees a fixed number of payments regardless of whether the annuitant is alive?
A health insurance policy that allows an insurer to change the policyowner's premiums, but NOT cancel the policy is called a
Which policy type is described by a cash value accumulation with the potential for increasing death benefit, as seen in a policy where the cash value grows over time and the face amount increases?
With a stop-loss limit of 5,000, a deductible of 500, and an 80/20 coinsurance on 25,000 of losses, the insured pays
What is the role of a beneficiary in a life or health policy?
A renewable Term Life Insurance policy can be renewed
Which of the following is an element of a valid contract?
Which statement about an adjustable life policy is true?
In order for a business entity to be licensed as a producer, a licensed producer must be designated as responsible for compliance with state insurance laws.
Which dividend option is used to reduce the next premium payment?
What happens to the interest earned if the annuitant dies before the payout start date?
The renewal provision that allows continued coverage but with premium changes is called
An individual covered under a Blue Cross Blue Shield plan is called a(n):
Which term describes implied authority in agency relationships?
Under the Louisiana Health Plan, which group receives comprehensive health benefits?
A nonsmoker, of average weight, and in excellent health would most likely be in which risk category?
Which Medicare plan is described as a managed care plan and is commonly referred to as Medicare Advantage?
A type of group that has a constitution and bylaws and has been organized for purposes other than obtaining insurance is called a
A securities license is required for a life insurance producer to sell
Which annuity payout option allows the policyowner to choose a pre-determined number of benefit payments?
Which type of life insurance is designed to pay the balance of a loan if the insured dies before the loan is repaid?
If an employee contributes 50% toward the disability plan premium, what portion of a $1,000 monthly disability benefit is taxable income?
Annuities become incontestable after how many years in force?
Which method is used to calculate the taxable portion of each annuity payment?
Which of the following is NOT a requirement to obtaining a Louisiana insurance producer license?
How is a preexisting condition generally defined in terms of time relative to policy issue?
Which feature guarantees the annuitant will not outlive retirement income?
Who performs field underwriting?
What is the purpose of the coordination of benefits provision in group health care?
Which scenario would qualify an individual for receiving benefits from a qualified long-term care policy?
Which of the following is NOT a type of Medicare Advantage Plan?
Within how many days after policy delivery can Medicare Supplement and Long-Term Care policies be returned for a 100% premium refund?
What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured?
Ambiguities in an insurance policy are always resolved in favor of which party?
Which characteristic is commonly associated with the preferred risk class?
Spendthrift clause in life insurance serves to
What types of life insurance are normally used for key employee indemnification?
What is issued to each employee of an employer health plan?
Which of these is NOT considered to be a form of life insurance advertisement?
Which rider would waive the premium on a child's life insurance policy if the parent paying the premium dies?
A life insurance policy which contains cash values that vary according to its investment performance of stocks is called
A noncancellable policy differs from a guaranteed renewable policy in that it may never do what?
What type of life insurance is designed to pay the balance of a loan if the insured dies before the loan is repaid?
The legal action provision in a health contract is limited to no more than years.
In Louisiana insurance terminology, a company formed under the laws of another state is called a
Root canal is an example of which dental treatment?
Which of these is NOT considered to be a purpose of an annuity?
An individual who has a contract with an insurance company to represent it is called a/an:
A policy owner may access accelerated benefits when there is a life-threatening condition; these are considered what?
Upon applying for health insurance, a proposed insured treated for heart disease within the past year has indicated what condition?
Which of the following is not a typical cost-sharing feature of a major medical policy?
An annuity is primarily used to provide which of the following?
For group health plan eligibility, a gap in coverage must not exceed how many days to avoid affecting pre-existing condition determinations?
If an insured returns to work part-time and still receives some disability benefits, this is called
Which term describes a policy that the insurer can cancel in the middle of the term with notice?
Which of the following actions by a producer would NOT result in a license suspension or revocation?
The __ of coverage describes policy features, benefits, exclusions, and riders in a Long-Term Care policy.
Health insurance typically covers which type of services?
In policy terminology, the maximum benefit is best described as
Which of the following describes the maximum benefit limit concept in group or disability policies?
The entire contract includes the actual policy and the
Louisiana licensed producers must complete continuing education; how many hours are required every two years?
A policy that typically has a cash value that can be borrowed against is which type of policy?
Within how many days must a licensee submit a change in address?
Under HIPAA, the 10% excise tax on early IRA withdrawals is not applied if the withdrawal is used for medical expenses that exceed what percent of the individual's adjusted gross income?
Which term describes the situation where both parties to a contract may NOT receive equal value?
Which of the following is INELIGIBLE to participate in a Section 125 plan?
Which plan does not allow employee contributions on a pre-tax basis?
Which clause states the contingent beneficiary's rights in a common disaster?
How are contributions to a Roth IRA treated for tax purposes?
Within how many days must a rollover from a Traditional IRA to another IRA be completed to avoid tax consequences?
A proposed insured for health insurance policy was treated for heart disease within the past year. When applying for health insurance, the heart disease treatment
In a group Disability Income plan that pays tax-free benefits to covered employees, this plan is considered which type?
Which ACA metal level is typically considered mid-range, balancing premium cost and coverage?
Which of the following decisions would a Health Savings Account (HAS) owner NOT be able to make?
Which statement best describes consideration in an insurance contract?
What must be designated for a business entity to be licensed as a producer?
Under health insurance, a dependent child may remain beyond age 26 if the child has a mental or physical handicap and remains dependent on the parent.
Field underwriting performed by the producer involves which activities?
NOT a common exclusion for a medical expense policy?
Grace period concept: What term describes the period after the premium due date during which a policy remains in force?
A limited payment whole life policy provides what kind of protection?
Which life policy pays the face amount at the end of the specified period if the insured is still alive?
Which annuity would provide payments for a fixed number of times, regardless of whether the annuitant is alive?
A guaranteed issued policy has no
In the Sonya scenario, on which date would coverage become effective?
From an insurance perspective, what is the main risk associated with disability?
The authority granted to a licensed producer is provided via the
Ambiguities in an insurance policy are always resolved in favor of the
What is the reinstatement provision in a health insurance policy typically described as?
Which statement best defines the term 'aleatory' in contract law?
In a workplace incident in a store parking lot, which party would most likely be covered under Workers' Compensation?
Which statement best describes the Louisiana Life and Health Insurance Guaranty Association?
An employer may qualify for health care tax credits through SHOP marketplace if that employer has fewer than how many employees?
What term describes the limited period available for group health plan enrollment?
A producer must notify the Commissioner within how many days of a felony conviction?
An eligible employee can be excluded from group health coverage for up to __ months if he/she is considered a 'late enrollee'?
After an annuity has been in force for how many years, it becomes incontestable?
In health insurance, a plan that pays fixed amounts for listed procedures or injuries is described as a
Which market index is normally associated with an indexed annuity's rate of return?
Which of the following does restorative dental treatment cover?
Which unfair trade practice involves a producer making malicious public statements regarding an insurer's financial condition?
All of these are valid options for an Adjustable Life Policy EXCEPT
All of the following are examples of a Business Continuation Plan EXCEPT
All of these are considered key factors in underwriting life insurance EXCEPT
Which of the following is NOT a core benefit of Medicare Supplement Plan A?
Which items are typically included in the 'entire contract' provision of a life insurance policy?
Life insurance replacements can be defined as which of the following?
When the Commissioner of Insurance requests a producer's business records, the records must be produced
Which settlement option provides a monthly income to the beneficiary while the principal remains with the insurer?
What type of life insurance policy guarantees a minimum interest rate with the potential to earn a higher credited rate?
In a deferred annuity, earnings accumulate on what basis?
Which of the following best describes a master policy in group health insurance?
The ___ is the individual responsible for payment to an HMO
Which of the following best describes the two major actions required for policy reinstatement after lapse?
What is the automatic continuance of insurance coverage referred to as?
Which of the following life insurance types are normally used for key employee indemnification?
Which of these is not a characteristic of the accelerated death benefit option?
Which of these will have the highest monthly payout upon annuitization?
Which term describes the practice of using life insurance to satisfy estate tax obligations and preserve family wealth?
A dependent child may remain on a parent's health insurance beyond age 26 if the child
Which statement best describes the relationship between variable life and universal life policies?
Which term describes the risk-management approach of avoiding risk by not participating in an activity such as investing in stocks?
If an insured dies during the grace period with premiums unpaid, what happens to the death benefit?
Which statement describes an unfair claims settlement practice?
Which provision addresses misstatement of age on an application?
Which payment method may be used to settle a health care provider claim?
The waiting period for a disability insurance policy excludes payments for which condition?
Insurance companies determine risk exposure by which principle?
Which disability policy provision would address any concerns of the value of the benefits decreasing over time?
What term describes a person who has a contract with an insurance company to represent it and solicit insurance?
Low frequency diseases can be exclusively covered by what kind of health insurance policies?
Which rider would add coverage for a child to a parent's life insurance policy?
Which of the following is NOT a level of care typically covered by Long-Term Care policies?
In an employer-sponsored group accident and health plan, the master contract is issued to whom?
When are group disability benefits considered to be tax-free to the insured?
Andy the annuitant dies before the annuity start date. Which of the following statements is true?
Which professional liability are producers sued for mistakes in issuing a policy?
Which process will the insurer oversee the insured's hospital stay to confirm that care is proceeding as planned and that discharge occurs as scheduled?
A producer intentionally submits a false statement in support of a claim. This is an example of which misconduct?
A field underwriter's main task is
Which type of medical health insurance covers the treatment and care of gum disease?
Which statement about reimbursement benefits in accident and health policies is true?
Which Long Term Care benefit would be most appropriate for a stroke victim that requires speech therapy administered at her home?
Which item is not included as part of the entire contract provision?
All of the following are core benefits of Medicare Supplement Plan A EXCEPT
A single-premium immediate annuity typically begins payments when?
According to Louisiana law, group life insurance conversion privileges must NOT
A professional liability for which producers can be sued for mistakes for putting a policy into effect is called
In a universal life policy, premium payments are NOT used for which of the following?
Which of the following is an annuity that is linked to a market-related index?
Under a Traditional IRA, interest earned is taxed according to the capital gains rate.
A Medicare participant who receives benefits through a Managed Care Plan is enrolled in which Medicare plan?
After the first payment is made, the grace period for an accident and health policy is
James misstates age on a life policy; death benefit amount is?
Which rider would pay a monthly amount if the insured suffers a total and permanent disability?
Among renewable policies, which statement best describes guaranteed renewable?
To solicit insurance contracts, a licensed producer must be _____ by an insurer.
In a group health benefit plan, who is typically the policyholder?
What guarantees that the statements supplied by an insurance applicant are true?
Insurable interest in life insurance exists at the time of application. (Reframed for testing)
In a group accident and health plan, the master contract is issued to the employer for the purpose of administering benefits to the group. Which option best describes this arrangement?
Which statement best describes the purpose of proof of loss in an insurance claim process?
Which clause protects the contingent beneficiary in a common disaster where both the insured and primary beneficiary die in the same event?
What is the term for the list of prescription drugs covered by a pharmacy benefit?
What rider permits an individual to buy additional insurance as they age without proving insurability?
Which entity exists to protect policyholders by paying claims when an insurer becomes insolvent?
Which policy structure provides life insurance to a group of employees under a single master contract?
When does an immediate annuity begin making payments?
A Roth IRA owner must be at least what age in order to make tax-free withdrawals
A life insurance policy owner does not have the right to
A health insurance plan that requires a fixed amount to be paid before any benefits in a calendar year is described as which feature?
A preexisting condition is a condition for which medical advice or treatment was recommended by or received from a provider of health care services with ___ months preceding a health policy's effective date
Which of the following employers is ERISA-regulated?
Which of these will typically authorize treatment from a specialist?
Endorsements and attached papers are considered part of which contract element?
Why do pre-death distributions from a modified endowment contract (MEC) receive different tax treatment than other life insurance policies?
A waiver of premium rider allows an insured to waive premium payments if the insured is
A late enrollee exclusion can be up to __ months?
Survivorship life insurance is particularly useful in estate planning because it can provide funds to
In Louisiana, a domestic insurance company must be organized under which laws?
Which type of policy must be guaranteed renewable?
A producer who sells most of his policies to family members is engaging in what type of business?
A Louisiana life insurance policy can be contested by the insurer only during the first __ years of the contract.
The tendency of individuals with higher loss exposure to purchase insurance more often than those at average risk is called?
Life insurance policies will normally pay for losses arising from which scenario?
When is a Group Health Policy required to provide coverage for a newborn child?
An endorsement found in an insurance plan which modifies the provisions of the policy is called a
The branch of dentistry that deals with replacement of missing parts is called which specialty?
During which period will an insurer continue coverage in full force as if the late premium had been paid?
Which of the following is NOT a qualification for establishing a Health Savings Account?
Which statement about Medicaid is correct?
A master contract and certificate of coverage can be found in which type of policy?
What is the term for purchasing life insurance to enable heirs to pay estate taxes?
Rob has a benefit at work which enables him to defer his current receipt of income and have it paid as a later date, when he will probably be in a lower tax bracket. Which benefit fits this description?
A newborn must be covered for how many days from birth?
Which dividend option would an insurer invest the policyowner's money and add any interest earnings as the dividends accrue?
When replacing health insurance, which is an important consideration?
All of these are considered sources of information that can assist an underwriter in determining whether or not to accept a risk EXCEPT
Under group health insurance, a certificate of coverage is issued to the employee.
Which of the following would be considered elective cosmetic surgery?
If disability insurance from an employer has 75% of premiums paid by the employer and 25% by the employee, what portion of the disability benefits is taxable?
Which policy arrangement restricts the owner's ability to make changes without the beneficiary's written consent?
Under COBRA, a terminated employee's benefits must be the same and the premium cannot exceed what percentage?
A change in an insurance application requires which action by the applicant?
Which level of care is not typically covered by a long-term care policy?
Which is not a characteristic of a major medical expense policy?
Medicare Supplement policies are provided by which entity?
Which of the following does Coordination of Benefits allow?
Which term describes the insurer's ability to meet short-term payout needs for policyowners?
Which would be a valid reason why a policy premium would be higher than the standard premium?
A viatical settlement contract results in proceeds that could be subject to creditors' claims.
The waiver of premium does NOT include which provision?
All statements concerning whole life insurance are false EXCEPT When surrendered, income taxes may be owed
Upon receipt of proof of loss, an insurer must pay a life insurance death benefit claim promptly.
What amount will be paid under a policy if the insured misstated his/her age?
Which statement about Health Savings Accounts (HAS) employer contributions is true?
In health insurance advertising, which element must be clearly identified?
Which statement about the insuring clause is true?
All of the following are considered to be fraud EXCEPT
A health plan has a deductible of $500 and coinsurance of 80/20. If a covered loss is $1,500, how much does the insured pay?
A waiver of premium rider is designed to waive premiums when the insured experiences what kind of disability?
In a fixed immediate annuity, payment amounts are determined by which three factors?
Which term describes an annuity that guarantees a fixed payout or accumulation?
In Louisiana, the free look provision applies to which type of policy?
What payment system pays health care providers for each service performed?
Which policy is issued by a mutual insurer and provides a return of dividend surplus?
A refund annuity is an annuity that, upon the annuitant's death during the distribution period, pays the beneficiary what?
Which of the following is included as a core benefit of Medicare Plan A?
Krissa buys a 10-year level term life policy with a death benefit of $200,000. Which statement is true?
Which is not a standard exclusion found in a life insurance policy?
Tim is converting from group coverage to an individual policy with the same insurer after employment termination. This change is called?
An employer may qualify for health care tax credits through SHOP marketplace if that employer has fewer than how many employees?
Which option is not a valid dividend option for a life insurance policy owner?
If there is no reciprocal arrangement with the domicile state, can a nonresident producer be licensed in Louisiana?
A health insurance policy where the insurer has the right to terminate the policy for reasons other than the insured's health is called
In the context of health insurance, the document that evidences coverage under an individual plan is called a
A dependent child may remain on a parent's health insurance plan beyond age 26 if the child
Health Insurance involves two perils, accident and which?
Before a producer may sell, solicit, or negotiate insurance for an insurer, the producer must have a(n) ?
On what type of life insurance can a policy owner change two policy features?
Which settlement option is described as paying a fixed amount until the corpus is depleted?
After a disability policy has been in force for how many years is it considered incontestable?
If an annuity shows that the annuitant dies before the start date, what is paid to the beneficiary?
Which entity is primarily responsible for creating the policy forms that insureds receive?
Which statement best describes the relationship between Medicare Supplements and Parts A and B?
Which type of annuity guarantees a stated number of income payments, regardless of whether the annuitant is alive?
What are the levels of coverage as defined by the Affordable Care Act?
A long-term care policy typically covers all of the following levels of care except which?
Fixed Settlement Options are considered to be a form of which financial instrument?
Disability income plans which require that the insurer can never change or alter premium rates are usually considered
Which item is NOT an element of a valid contract?
Which term describes the automatic continuation of coverage?
Under the Fair Credit Reporting Act, what is the maximum penalty that may be imposed on a producer who obtains Consumer Information Reports under false pretenses?
Term Insurance is appropriate for someone who
After how many years from the date of issue can a policy no longer be cancelled by the insurer for misstatements, except fraud?
Generally, which three levels of care are Long-Term Care policies provided with?
In a Louisiana small employer scenario, if the number of eligible employees is exactly 50, the employer qualifies as what category?
A Medicare Supplement policy must not contain benefits that duplicate Medicare benefits.
Which term describes a provision that excludes certain risks from coverage?

Louisiana Series 103 – Life, Health, and Accident or Sickness Insurance Practice Exam

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